💵 StraitsX leverages Avalanche tech to make cross-border payments more accessible
Avalanche Weekly Overview - November 6, 2024
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Inside the network
🔺What we’re watching: StraitsX launched its stablecoin-driven payment system powered by the Avalanche network.
🔺Why it matters: StraitsX is a Southeast Asia-based payments infrastructure company for digital assets. Its newly launched payment systems look to provide a solution for cross-border transactions.
The company also recently partnered with Ant International and Grab to allow Alipay+ users to make purchases through GrabPay merchants in Singapore. This initiative leverages the Avalanche blockchain with StraitsX’s stablecoin to grant users the ability to make transactions securely and instantly.
This is important because across traditional payments, most people can’t use their preferred wallets or cards for payments in a foreign country due to a lack of interoperability between wallet and merchant networks. This process wants to remove intermediaries, but is positioning itself to allow transfers to “whitelisted wallets to ensure safety,” according to a blog post.
For the broader StraitsX product, the use of Avalanche’s infrastructure can ensure it has lower fees and faster transaction finality. In turn, this can make it scalable for large-volume transactions and provide additional layers of security.
🔺The bigger picture: This partnership showcases a broader trend across Southeast Asia of becoming more receptive of blockchain-powered financial solutions.
The region is on track to become a global leader in digital finance, with cross-border e-commerce expected to hit $25 billion by 2025. This initiative can position StraitsX, Grab, and Avalanche to be at the forefront of financial accessibility using blockchain technology.
Avalanche by the numbers
AVAX token price: $26.34 (+0.84%)
Max transactions per second: 207 (-52.41%)
Network’s total transactions: 20.24M (-2.79%)
Avalanche C-Chain daily txns: 190.06K (-4.16%)
DeFiLlama’s Avalanche TVL: $1.48B (-4.52%)
Top 3 Avalanche DeFi projects by TVL:
BENQI: $523.82M (-19.76%)
Aave: $356.49M (-9.04%)
LFJ: $118.54M (-3.33%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Gunzilla Testnet: 17.98M (-15.66%)
Pulsar: 9.85M (-4.72%)
Defi Kingdoms: 3.78M (-10.88%)
Learn more about MapleStory IP and how it’s using blockchain technology to enhance its capabilities
Avalanche-built Suzaku hit a peak TVL at $1.5M for its restaking protocol, according to DefiLlama data
Pulsar L1 daily transactions hit 1.6M on Nov. 1, nearing all-time highs (shown below)
Source: Routescan data
Active L1s: 42
L1 validators: 244
Total L1 validators: 1,471
Total blockchains created in the Avalanche network: 108
Total staked across Subnets: 492,278 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
The Avalanche Foundation released its monthly recap highlighting October developments
X user ice_nfts streamed Forgotten Playland, a party game built on Avalanche
BloodLoop added new features to its Avalanche-powered tactical shooter game
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Summit Highlight Series: Why We Chose Latin America for Avalanche Summit (Avalanche Blog)
How 'Off the Grid' Could Impact the Future of Blockchain Games (Decrypt)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
MapleStory Universe opened registrations for its 2nd pioneer playtest - sign up by Nov. 20 to participate
OKX is holding a campaign for DeFi on Avalanche - see how you can participate here
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.